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Brainstem brings Web3 fitness trackers to the Economy of Things on peaq

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peaq, the Web3 network powering the Economy of Things, announces the expansion of its ecosystem as Brainstem Digital Health joins in to decentralize health data distribution. Brainstem is a scalable decentralized platform for collecting health data from wearable devices. Integration with peaq will see its devices outfitted with self-sovereign peaq IDs, which will be used to sign the data for authentication. Brainstem will also enable the community to monetize their health data on peaq’s instance of the Gaia-X data marketplace. Health wearables will make up a decentralized physical infrastructure network (DePIN) for gathering privacy-first health data on peaq.

The fitness and health tracker market is growing rapidly and will soar to $187.2 billion by 2032, according to Market.us. Health data collected on wearable devices is becoming increasingly valuable as AI rapidly transforms the healthcare landscape. However, legacy technological solutions and approaches represent a challenge to the sector. The Web2 healthtech industry has already produced such stories as hackers getting access to users’ GPS data and a fitness app revealing the locations of US military bases. Web3 privacy preservation will be a critical component that safeguards against risky Web2 data collection practices.

Brainstem is working to bring Web3 data handling to the health and fitness tracker market using the DePIN model, which crowdsources real-world hardware through token incentives. Its wearables will facilitate the collection of heart rate, heart rate variability, pulse oximetry, movement, blood pressure, and ultimately a range of other health metrics. Brainstems users who opt to share their anonymized data will earn rewards in crypto while providing researchers focusing on wellbeing with valuable data. This ecosystem will work as a global DePIN for collecting and monetizing privacy-first health data.

The integration with peaq will enable Brainstem to achieve this by leveraging peaq’s machine-oriented Web3 tools and functions. As a first step, Brainstem will link its app with the peaq network’s testnet. It will also add support for wallets compatible with peaq and update the app’s interface to work with them. Brainstem will outfit all of the wearables in its DePIN with decentralized peaq IDs, which the devices will use to sign the data they collect. Finally, it will enable the community to share and monetize their data on peaq’s instance of the Gaia-X data marketplace. Brainstem users will also be able to earn extra rewards from peaq’s mechanism redistributing a fraction of the network fees between connected device owners.

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The Gaia-X market integration will connect the Brainstem DePIN with the EU-backed project bringing top enterprises, research institutions, and Web3 startups together. Gaia-X is working toward ensuring Europe’s digital sovereignty and moving the tech space toward more transparency and privacy. As part of moveID, a Bosch-led project in the Gaia-X 4 Future Mobility family, peaq is co-creating the standards and infrastructure for connected mobility of tomorrow.

“Health and Fitness trackers are capable of collecting troves of accurate, objective data that can help inform healthcare and wellness professionals and researchers, but this shouldn’t come at the expense of privacy,” says Brainstem’s co-founder Max Campbell. “We are changing the paradigm by providing a tool that empowers individuals and gives them full control and ownership over their data. peaq is a perfect home for our project thanks to its DePIN focus and device-centric features and economics that will enable us to build and scale fast.”

“The AI revolution has a lot in store for health and wellness, but it needs quality and privacy-compliant data for that,” says Till Wendler, co-founder of peaq. “Brainstems solves this puzzle by leveraging the Web3 stack. We are excited to see it join the peaq ecosystem and are confident it will bring a lot of value to the community.”

Blockchain

Europe Tax Advisory Market Valuation Poised to Soar to USD 28.50 Billion By 2032 | Astute Analytica

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Brazil to Tighten Regulation on Foreign Crypto Exchanges

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Brazil’s Receita Federal Increases Scrutiny on Foreign Cryptocurrency Exchanges

Brazil’s tax authority, Receita Federal, plans to intensify its oversight of foreign cryptocurrency exchanges operating within the country. This move aims to enhance regulation and transparency amid the rising use of digital assets in Latin America’s largest economy.

New Reporting Requirements for International Platforms
Recent reports indicate that Receita Federal will soon issue an order requiring international cryptocurrency platforms, including Binance and Coinbase, to provide detailed operational data and information on their partnerships with local service providers.

Government’s Regulatory Focus
Andrea Chaves, Deputy Secretary of Inspection at the Federal Revenue Service, emphasized the importance of this measure. “It’s crucial for us to understand how they operate here and ensure there’s no illegality,” she stated. The government aims to ensure compliance with tax laws and confirm that services provided to Brazilian customers are fully legal.

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Wagner Lima, a risk management coordinator at Receita Federal, underscored the need to review collaborations between foreign exchanges and local service providers. This review ensures compliance with a 2019 regulation that mandates information sharing.

Rise in Crypto Asset Declarations
This decision comes in response to a significant increase in crypto asset declarations by Brazilians. From January to July 2023, Brazilians declared 133.6 billion reais ($24.6 billion) in crypto assets, marking a 36.6% increase from the previous year. Notably, 14.5 billion reais were declared through foreign exchanges, representing a 51.2% growth.

Upcoming Order Details
The forthcoming order will require exchanges to disclose their operational methods and customer service practices in Brazil. However, it will exclude customer-specific data and transactional information to comply with current Brazilian laws.

Future Regulatory Framework
Brazilian authorities are also working on developing a clear framework for digital currencies and their legal status, expected to be introduced by mid-2024. This framework aims to organize both local and foreign exchanges operating within Brazil, ensuring their compliance with local laws and regulatory requirements.

Source: cryptotimes.io

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The post Brazil to Tighten Regulation on Foreign Crypto Exchanges appeared first on HIPTHER Alerts.

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Financial Institution NAB Embraces Crypto Custody Solution

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National Australia Bank Invests in Crypto Custody Firm Zodia Custody

National Australia Bank (NAB), a prominent financial institution, has taken a significant step into the cryptocurrency custody arena. Instead of creating its own digital currency, NAB Ventures has opted to invest in Zodia Custody, a London-based firm specializing in the secure storage of digital assets for institutional clients.

Strategic Shift and Industry Alignment
This investment marks a strategic shift for NAB, aligning itself with global financial leaders like Standard Chartered, Northern Trust, and SBI Holdings, who have already acknowledged the importance of safeguarding digital assets for investors. By partnering with Zodia Custody, NAB showcases a forward-thinking approach, choosing collaboration over direct competition with established players like Coinbase.

Commitment to Innovation
The decision to invest in Zodia Custody reflects NAB’s commitment to providing cutting-edge solutions to its institutional clients while leveraging the potential of the crypto market. This move positions NAB as a key ally for institutional investors seeking secure and regulated infrastructure to navigate the complexities of digital asset storage and management.

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Additional Insights
One significant aspect not highlighted in the initial report is that NAB’s engagement with a crypto custody solution underscores the growing demand from institutional investors for secure and regulated infrastructure to enter the crypto space.

Key Questions
1. How will NAB’s partnership with Zodia Custody impact its overall financial services and competitive position in the market?
2. What regulatory challenges and compliance requirements does NAB face by entering the crypto custody space?
3. How does NAB plan to address security concerns related to the storage of digital assets for its institutional clients?
4. What are the potential risks and rewards for NAB as it ventures into the crypto custody sector?

Key Challenges
NAB may encounter several challenges, including regulatory compliance issues, cybersecurity risks, market volatility of crypto assets, competition from existing players in the space, and the need to build trust among institutional clients for their crypto custody services.

Advantages
1. Access to a Growing Market: Entry into the rapidly expanding crypto market and potential new revenue streams.
2. Strengthened Partnerships: Enhanced relationships with global leaders in the crypto custody sector.
3. Diversification: Broadening service offerings to meet the evolving needs of institutional clients.

Disadvantages
1. Regulatory Scrutiny: Increased regulatory oversight and compliance costs.
2. Market Volatility: Exposure to the highly volatile nature of crypto assets.
3. Reputation Risk: Potential damage to reputation if security breaches or operational issues occur in the custody of digital assets.

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Source: smartphonemagazine.nl

The post Financial Institution NAB Embraces Crypto Custody Solution appeared first on HIPTHER Alerts.

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